Dogwifhat (WIF) Surges 45% as Retail Interest and Trading Volume Spike

Dogwifhat (WIF) has recently captured the attention of the crypto community with a significant surge in interest and trading volume, signaling a revival of support from retail investors. The memecoin has seen a notable increase in trading activity, with Binance reporting a spike in trading volume to $174.3 million in just the last day. This surge in volume is indicative of a growing demand for WIF, as more market participants take positions in the memecoin.

The positive ecosystem surrounding Dogwifhat is further evidenced by its open interest, which has surged 24% to reach a three-month peak of $355 million. This spike in open interest is often seen as a bullish indicator of sustained demand. Additionally, the funding rate aggregated by exchanges shows that investor sentiment leans towards long positions, with consistently positive funding rates reflecting strong demand for long positions and investor anticipation of further upward momentum.

The strength of this buying trend is evident, with data indicating that Dogwifhat buyers obtained 54.53 million WIF tokens in the past 24 hours, compared to 47 million sold. This positive delta of 6 million highlights bullish market sentiment that often correlates with upward price movements. The surge in demand is evident, with buying pressure exceeding selling activity, as more market participants take positions in the memecoin.

The overwhelming buying pressure has attracted both seasoned and new investors alike. The recent price surge underscores an escalating demand for Dogwifhat (WIF), marking a significant uptick in interest historically aligned with memecoin trends. Over the past week, WIF’s price trajectory highlights a robust engagement from retail investors, creating a buzz within the digital asset community. Entry in the derivative market is notably rising, with Binance reporting a trading volume spike to $174.3 million in just the last day.

Current analysis indicates that WIF’s bullish momentum may not only sustain but potentially accelerate as purchasing activity increases. With WIF’s RSI climbing to the overbought territory—currently positioned at 84.21—buyers continue to exert control over the market. However, extreme RSI levels often present a caveat, as historical data suggests that such conditions could precede market corrections. Investors should approach the current scenario with cautious optimism.

Reviewing past performance, instances where Dogwifhat’s RSI entered overbought territory led to significant volatility. For example, in November 2024, an overbought RSI jump to 79 resulted in a price increase to $4.9 before retracing sharply to around $2.9. If historical patterns repeat, the current surge in WIF’s RSI could forewarn of potential price adjustments. Notably, despite the RSI’s heightened levels, market sentiment remains robust. As per the latest data, weighted sentiment reflects the strongest numbers seen since January 2024. A market correction may be unlikely in the immediate term as volumes and bullish momentum also remain strong.

Dogwifhat ($WIF), the Solana-based memecoin featuring its iconic pink-hat-wearing dog mascot, has regained bullish momentum in the crypto market. Over the past 24 hours, $WIF has jumped more than 45%. This renewed surge has propelled $WIF back into the top 70 cryptocurrencies by market capitalization, for the first time since January. After peaking near $4.8 in late 2024, the token crashed to a low of $0.3173 last month. Yet, the project staged a powerful comeback. Since that bottom, $WIF has rebounded by over 200%, making it one of the top-performing assets in recent weeks. Despite remaining 60% below its all-time high, early investors still boast lifetime gains exceeding 550,000% since its debut in November 2023.

Currently ranked as the seventh-largest memecoin, DogWifHat sits behind other popular tokens like $FARTCOIN, $BONK, and $TRUMP but outperforms them all in weekly gains. The latest price action follows a May 11 tweet from well-known crypto trader Ansem, who hinted at a resurgence in WIF’s volume. At the time, $WIF was trading near $0.80. Since then, crypto Twitter has seen numerous traders report leveraged gains ranging from 100% to as high as 15,000%. Derivatives data suggests the rally may continue. In the past 24 hours, open interest in $WIF has increased by 38.97%, with over $500 million worth of positions opened, bringing the long/short ratio to 0.994. This indicates that most traders are expecting further upside.

With WIF already listed on major exchanges like Binance, Bybit, Coinbase, OKX, and even Robinhood, short-term targets between $2 and $3 are circulating among bullish traders. However, technical analysts warn of strong resistance near the $1.50 level, where the price may face short-term selling pressure. Some believe any pullback from this point is an opportunity to enter before another leg higher. Optimism in the market has been boosted by the recent U.S.-China agreement to ease tariffs temporarily, which has reignited a risk-on sentiment among speculative traders, particularly in Asia. Chinese traders have been piling into memecoins like DogWifHat and Dogecoin ($DOGE), signaling a renewed appetite for high-risk assets. Singapore-based crypto exchange BingX, popular among Chinese users, has reported a 69% increase in $WIF/$USDT trading volume over the past day.